We are looking to buy a house that needs a lot of TLC but I can't seem to find anything on rehab mortgages.Does anyone anything about getting a rehabiltiation mortgage to buy a fixer upper?
If you are a first time homebuyer, look in to the FHA 203K loans. A Streamlined 203K will allow you to borrow up to $35,000 for repairs and updating, but there are very specific rules to what may and may not be included. They will set up an escrow account to pay up to three contractors for materials and labor. Any repairs you intend to do yourself, will not receive payments for labor. An experienced mortgage broker can walk you through each step of the process.Does anyone anything about getting a rehabiltiation mortgage to buy a fixer upper?
it is an FHA 203K loan. You will need contractors estimates for repairs that must be submitted with the loan
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